ECONOMICS (CBSE/UGC NET)

ECONOMICS

OPPORTUNITY COST

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Tangible (can touch it) economic product that is useful. Used to satisfy wants and needs.
A
Need
B
Want
C
Good
D
Service
Explanation: 

Detailed explanation-1: -Tangible economic product that is useful, relatively, scarce, transferable to others; used to satisfy wants and needs. Capital Good. Tool, equipment, or other manufactured good used to produce other goods and services; a factor of production.

Detailed explanation-2: -GOODS-1st type of economic product is a GOOD-an item that is economically useful or satisfies an economic want. 1. A CONSUMER GOOD-is intended for final use by individuals.

Detailed explanation-3: -Goods are tangible things that satisfy our wants (like boats, computers, cars, etc.), services are intangible things that satisfy our wants (like the services of an accountant, or a dentist, or a lawyer).

Detailed explanation-4: -The term goods in economics refers to things that are useful to consumers and have a value. Goods provide utility, satisfy human wants/needs, are transferrable, and are tangible.

There is 1 question to complete.